After the revenue and expense accounts were closed into Income Summary on December 31, 2016, the Income

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After the revenue and expense accounts were closed into Income Summary on December 31, 2016, the Income Summary account showed a net loss for the year of $49,000. Prepare the general journal entry to close the Income Summary account.

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College Accounting Chapters 1-30

ISBN: 978-0077862398

14th edition

Authors: John Price, M. David Haddock, Michael Farina

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Question Posted: Dec 05, 2016 10:46 AM

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After the revenue and expense accounts were closed into Income Summary on December 31, 2016, the Income

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College Accounting Chapters 1-30

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